Biden wants to propose a minimum tax for billionaires in the 2023 budget

US President Joe Biden visits Poland
U.S. President Joe Biden boards Air Force One to fly to Washington March 26, 2022 at Warsaw Chopin Airport in Warsaw, Poland. REUTERS/Evelyn Hockstein

March 26, 2022

WASHINGTON (Reuters) – U.S. President Joe Biden will propose a minimum tax for billionaires as part of the fiscal 2023 budget, which is expected to be presented on Monday, a document released by the White House showed.

Biden’s “Billionaire Minimum Income Tax” would set a 20% minimum tax rate for households worth more than $100 million, in a plan that would target primarily the United States’ more than 700 billionaires, according to a release released Saturday White House Fact Sheet.

The plan would require such households to pay the minimum tax of 20% on all their income, including unrealized capital gains that are now untaxed, the fact sheet said.

The tax will help reduce the budget deficit by about $360 billion over the next decade, the fact sheet added.

Senate Democrats last fall proposed a billionaire tax to help Biden’s social and climate change agenda known as “Build Back Better,” though the spending package failed to move forward due to insufficient Senate support.

(Reporting by Chris Gallagher; Editing by Nick Zieminski and Aurora Ellis) Biden wants to propose a minimum tax for billionaires in the 2023 budget


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